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of dollars of emergency crash and creditors impose onetime tax of 3% on all bank deposits under $130,000. >> going deep here. >> the tax could be closer to 10% on people who have over $640,000 in the bank. that's according to the "the wall street journal" this morning. people stood in long lines over the weekend to withdraw money before the policy went into effect and now russian president vladimir putin is calling the move, quote, unfair, unprofessional and dangerous. russian citizens make up the majority of billions of euros held in cypress bank. this is important. >> cypress. >> who cares about cyprus? >> come on, cyprus. are you telling me if somebody sneezes in cyprus we get a cold than on the nasdaq? >> tell us why. >> we have a cold on the nasdaq. the nasdaq is going down today. not too many people care about cyprus but a way the europeans have screwed up the bailout by getting the people to pay a part of the cost. you could have a run on the bank and europeans say why do i have my money in this bank? might be a tax on me next. it shows that europe is still a mess, that they h
. the sequencing done right on this cut spending cuts and tax reform. things sound great and they're moving along now. but joe, as we talked about earlier, you're going to have reticent democrats. and even key congressional races who are going to slow down a bit and saying, look, i want immigration and guns dealt with, what are we doing about the economy and the budget, the debt, and tax reform? >> and this is, richard haas, you can only push people so far, i mean, not the republicans' best friend. this weekend said democrats you're about to lose me. i pay 40% federal, 15%. well, i hear we have it cued up. let's go. this is bill maher this weekend. >> -- actually do pay the freight in this country. i just saw the statistics, something like 70%. and here in california, i'm just going to say, liberals, you could actually lose me. it's outrageous what we're paying. over -- i'm willing to pay my share, but yeah, it's ridiculous. >> and not only that -- >> wow. >> people like bill maher pay 55% in california, people in new york pay over 50%. in new jersey, why is a republican sitting at 70% plus appro
a robust debate on tax reform? that is sitting out there and no one is moving on it and everyone is very unhappy with the tax code as it currently exists and there are some opportunities there to pick up some additional revenue. but, at the same time, it would send a signal, i think, across the entire spectrum of the country maybe they can get something done. >> i agree with you. you're an experienced observer of these things. why can't we have this? the simpson-bowles system is hire tax reform and we are trapped. >> i don't know why the president just doesn't reach out and say we are having trouble with these other issues. this is one in which we can all gather at the same place and get something done. >> isn't the argument what to do about the -- that's where everyone sort of breaks. the president is saying, it's not -- some of it should be used to -- some of it should go back into the government and some of it could be used to lower tax rates. >> the president is not spending the good tax reform and debate is why. washington loves to talk about taxes. a long time now sideways spending
slash $4.6 trillion over ten years without raising taxes. now senator patty murray will work with congressman paul ryan to try and bridge the gap between the two radically different proposals. mark, i think it would have been a public service to the american public to actually point out some of the amendments that they raised in this marathon session they had over in the senate over the weekend. >> from the sublime to the ridiculous. >> oh, my god. >> but they have a senate budget now and a house budget and i think most people think we are going to plod through this year and not have a big deal unless the president somehow comes back and reengages but a pretty big difference starting with the senate bill has lots of new revenue in it. >> give me an idea. give me an idea of the previews of coming traattractions. >> you have patty murray with her budget and paul ryan with his budget on the other side of the table. >> let's say i think they are far apart which i'm dubious as to where these negotiations will go and it comes back to what we were talking about earlier. where is the
and washington is stealing from them. they are going to be paying higher tax rates because washington is not taking care of long-term debt. >> they also suffered through the housing crisis and they have got mountains of student loan debt that they are really forced to recover from for many, many years. and it delays their transition into real adulthood. >> we don't talk about that enough. >> student debt is the only kind of debt that grew during the recession. student debt is monstrous. it's a threat to our entire economy. >> you talk about the next big bubble bursting? >> it's huge. huge. >> student debt will be a crisis. >> i have another question and maybe for my own kind of personal experience. when i turned 21 and got my first job my mother drilled in to me pay yourself first. she made me ready "the wealthy barber." >> great book. >> i wonder. this generation came of age when the era when credit was everywhere and flowing. people, i guess in this under 40 generation might look at credit card different from their parents. what does that psyche play a role here? we think of nothing
of money are the banks, the departs of the they said we think you should tax departs. imposing austerity is not going to work here, there's only a million people. this country sdwaedoesn't want this because they're a business model. their business model is to attract deposits here. they pay 4% and 5%. so that's the big fight, how do they come up with that 5.8 billion. they may have to shut down banks. that's why you're seeing lines at the atm. >> so how does this resolve itself over the next week? >> reporter: so the banks are going to be closed at least until tuesday. that's the deadline that the european central bank has said to cyprus you better come up with the deal or else we're going to cut off your banks. that means they're not going to fly in cash like they have been doing, they're not going to provide liquidity. if you don't know what that means, it's very simple. the weak banks will fail, they'll get shut down and people will lose a lot of money. that's probably how it's going to end up happening in some form or fashion. the weirdest possible outlier is that cyprus says, you kn
Search Results 0 to 5 of about 6

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